How Much Does It Cost to Insure a Chevrolet Corvette?
Find Cheap Corvette Insurance Quotes
The market value for a 2021 Chevrolet Corvette is around $71,850, with average insurance rates of $2,962 a year, or $247 a month. The cheapest widely available insurer for this luxury vehicle is Travelers.
We studied average auto insurance rates for the Chevrolet Corvette and its competitors. We also found the cheapest insurer for this particular car. It's important to compare insurance quotes across multiple insurers to find the best insurance rate for your Corvette.
Cheapest insurance company for the Chevrolet Corvette: Travelers
Travelers offers the cheapest auto insurance from nationally available insurers for the Chevrolet Corvette. To insure the 2021 Chevrolet Corvette Stingray, Travelers is $3,575 per year cheaper than Allstate, which is the most expensive of the largest insurance companies for the Corvette. State Farm is the second-cheapest widely available insurer, costing $28 more a month to insure the 2021 Chevrolet Corvette Stingray 2LT.
Find Cheap Corvette Insurance Quotes
Country Financial, Erie and Texas Farm Bureau have cheaper rates than Travelers, but those companies sell insurance in fewer states. Looking at local insurers is a good way to ensure you get the best deal.
Cheapest insurance companies for a 2021 Chevrolet Corvette
Company | Annual rate | Monthly rate | |
|---|---|---|---|
| Country Financial | $1,372 | $114 |
| Texas Farm Bureau | $1,739 | $145 |
| Erie | $1,748 | $146 |
| Travelers | $2,230 | $186 |
| State Farm | $2,562 | $214 |
Corvette insurance for a 20-year-old
A 20-year-old driver pays more than twice as much to insure a Corvette as a 30-year-old, at an average of $6,736 per year.
Young drivers pay more to begin with because insurers see them as a greater risk on the road. Combined with the price of a Corvette and the tendency for drivers of sports cars to be less cautious on the road, it can be financially prohibitive to drive a Corvette at this age.
The best way to reduce those expenses is to join a parent's policy. Adding a young driver to a parent's insurance is often less than half as expensive as a standalone policy.
How much is insurance for a Chevrolet Corvette?
On average, the cost to insure a Chevrolet Corvette is $2,962 per year. Insurance rates vary based on model year and vehicle value. Newer models are often more expensive, which is why you see insurance rates steadily increase.
The 2015 Chevrolet Corvette was the cheapest to insure, at $2,560 per year. This is $728 per year cheaper to insure compared to the 2021 Chevrolet Corvette.
Chevrolet Corvette insurance rates by year model
Vehicle | Market value | Average insurance rate |
|---|---|---|
| 2021 Chevrolet Corvette | $71,850 | $3,288 |
| 2020 Chevrolet Corvette | $70,850 | $3,138 |
| 2019 Chevrolet Corvette | $65,650 | $3,005 |
| 2018 Chevrolet Corvette | $65,240 | $2,748 |
| 2017 Chevrolet Corvette | $65,200 | $2,758 |
| 2016 Chevrolet Corvette | $65,150 | $2,711 |
| 2015 Chevrolet Corvette | $60,000 | $2,560 |
Insurance rates represent the annual cost of a full-coverage policy for a 30-year-old male driver of a Chevrolet Corvette Stingray 3LT coupe.
Insurance data for a 2022 Chevrolet Corvette was not available, but insurance for a newer model usually costs more. The value of the Chevrolet Corvette is greatly impacted by the model year and type of trim, which can affect insurance rates.
Expensive trim options may result in higher insurance rates because they're more expensive to replace after a covered incident. However, if the trim offers better safety features, insurance may cost less because the chance of damage is lower.
How Chevrolet Corvette insurance costs compare to other sports cars
Compared to other types of popular sports cars on the market, the Chevrolet Corvette Stingray's insurance rates are lower than other luxury sports cars. The cost to insure a 2021 Dodge Challenger SRT Hellcat is substantially more expensive, at $3,288 per year, or $697 per year more than the Chevrolet Corvette Stingray.
The Chevrolet Camaro ZL1 is $191 more expensive to insure per year than the Corvette Stingray.
Corvette annual auto insurance rates vs competitors
Model | Annual rate |
|---|---|
| Chevrolet Corvette Stingray 3LT | $3,288 |
| Dodge Challenger SRT Hellcat | $3,985 |
| Chevrolet Camaro ZL1 | $3,479 |
Methodology
Our sample driver was a 30-year-old single man with a clean driving record. Thousands of rates were collected from Illinois, Texas, New York and California. The rates represent the cost of a full-coverage policy, which is outlined below.
Coverage type | Study limits |
|---|---|
| Bodily injury liability | $50,000 per person/$100,000 per accident |
| Property damage | $25,000 per accident |
| Uninsured/underinsured motorist bodily injury | $50,000 per person/$100,000 per accident |
| Comprehensive and collision | $500 deductible |
Chevrolet Corvette Stingray average market values were from MSN.com's auto marketplace.
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.
